Aaon Inc (AAON) 2022 Q4 法說會逐字稿

Good day, and welcome to the AAON, Inc. Fourth Quarter 2022 Earnings Conference Call. Our host for today's call is Joseph Mondillo. (Operator Instructions)

美好的一天，歡迎來到 AAON, Inc. 2022 年第四季度收益電話會議。今天電話會議的主持人是 Joseph Mondillo。 （操作員說明）

I would now like to turn the call over to your host. Joseph Mondillo, you may begin.

我現在想把電話轉給您的主持人。 Joseph Mondillo，你可以開始了。

Thank you, operator. And good afternoon, everyone. The press release announcing our fourth quarter financial results was issued after market closed today and can be found on our website, aaon.com. The call today is accompanied with a presentation that you can also find on our website as well as on the listen-only webcast. Please turn to Slide 2. We begin with our customary forward-looking statement policy.

謝謝你，運營商。大家下午好。宣布我們第四季度財務業績的新聞稿是在今天收市後發布的，可以在我們的網站 aaon.com 上找到。今天的電話會議附有演示文稿，您也可以在我們的網站和只聽網絡廣播中找到該演示文稿。請轉到幻燈片 2。我們從我們慣常的前瞻性聲明政策開始。

During the call, any statement presented dealing with information that is not historical is considered forward-looking and made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, the Securities Act of 1933 and the Securities and Exchange Act of 1934, each as amended. As such, it is subject to the occurrence of many events outside of AAON's control that could cause AAON's results to differ materially from those anticipated. You are all aware of the inherent difficulties, risks and uncertainties in making predictive statements. Our press release and Form 10-K that we filed this afternoon detail some of the important risk factors that may cause our actual results to differ from those in our predictions. Please note that we do not have the duty to update our forward-looking statements.

在電話會議期間，根據 1995 年證券訴訟改革法、1933 年證券法和 1934 年證券交易法的安全港條款，任何處理非歷史信息的陳述均被視為前瞻性陳述，每個都經過修改。因此，它受制於 AAON 無法控制的許多事件的發生，這些事件可能導致 AAON 的結果與預期的結果存在重大差異。你們都知道做出預測性陳述的內在困難、風險和不確定性。我們今天下午提交的新聞稿和 10-K 表格詳細說明了一些可能導致我們的實際結果與預測結果不同的重要風險因素。請注意，我們沒有義務更新我們的前瞻性陳述。

Joining me on today's call is Rebecca Thompson, CFO and Treasurer; and Matt Tobolski, President and Co-Founder of BasX. Unfortunately, Gary Fields, our President and CEO, is under the weather today, which is affecting his vocals a bit, hence why we have Matt here today. He will be filling in for him. We all wish Gary a speedy recovery.

和我一起參加今天電話會議的是首席財務官兼財務主管麗貝卡湯普森 (Rebecca Thompson)； BasX 總裁兼聯合創始人 Matt Tobolski。不幸的是，我們的總裁兼首席執行官加里·菲爾茲 (Gary Fields) 今天天氣不好，這對他的聲音造成了一些影響，因此我們今天請到了馬特 (Matt)。他將代替他。我們都希望加里早日康復。

Matt will provide some opening remarks to start the call. Rebecca will then walk through the financials, and then we'll finish with Matt for some commentary on the quarter and outlook for 2023.

Matt 將提供一些開場白以開始通話。然後麗貝卡將介紹財務狀況，然後我們將與馬特一起結束對 2023 年季度和展望的一些評論。

With that, I will turn over the call to Matt.

有了這個，我會把電話轉給馬特。

Thanks, Joe, and good afternoon. So starting on Slide #3, overall, we are very pleased with our 2022 results and particularly with how we finished the year. We started the year faced with several challenges, which resulted in a slow start. However, we quickly assessed the issues, adapted and were able to overcome those issues by the second half of the year. We reported record results in the third quarter and followed that up with another record in the fourth quarter 2022. Despite the slow start to the year, we finished 2022 with record sales and earnings for the year.

謝謝，喬，下午好。因此，從幻燈片 #3 開始，總體而言，我們對我們 2022 年的結果非常滿意，尤其是我們完成這一年的方式。年初，我們面臨著多項挑戰，導致開局緩慢。然而，我們很快評估了這些問題，進行了調整，並在今年下半年解決了這些問題。我們在第三季度公佈了創紀錄的業績，隨後在 2022 年第四季度又創下了新紀錄。儘管今年開局緩慢，但我們在 2022 年以創紀錄的銷售額和收益結束了這一年。

In the fourth quarter, sales were up organically 67.7%, and earnings were up over 500%. Organic volumes in the quarter were up 41%. On a 2-year stack, volumes were up 46%. Compared to our previous record EPS in the third quarter, EPS was up 39%. Gross profit margins were the highest since 2020. At the same time, backlog increased throughout the year, finishing 2022 at record levels. We've increased capacity and production output throughout the year and yet, the orders continue to outpace production.

第四季度，銷售額有機增長 67.7%，盈利增長超過 500%。本季度的有機銷量增長了 41%。在 2 年的堆棧中，銷量增長了 46%。與我們之前創紀錄的第三季度每股收益相比，每股收益增長了 39%。毛利率為 2020 年以來最高。與此同時，全年積壓訂單增加，2022 年以創紀錄的水平結束。我們全年都增加了產能和產量，但訂單繼續超過產量。

Now please turn to Slide #4. This is a very interesting time for AAON. For decades, the company focused on a niche of the commercial HVAC market centered around the design and manufacturing of premium quality, high-performing, high energy-efficient equipment.

現在請轉到幻燈片 #4。對於 AAON 來說，這是一個非常有趣的時刻。幾十年來，該公司專注於以設計和製造優質、高性能、高能效設備為中心的商用 HVAC 市場。

Historically, 2 factors prevented this niche offering from becoming mainstream, the first factor being price. AAON historically has had equipment that carried at least a 15% to 20% price premium as compared to market pricing. This limited the size of our addressable market to specific applications and/or customers. The second factor is value. Up until recently, a vast majority of end users were not focused on total cost of ownership and premium quality, higher-performing equipment. However, over the past 2 years, the market has begun to shift dramatically in AAON's favor. With the pandemic creating more focus on indoor air quality and, at the same time, markets adopting an increased focus on energy efficiency due to higher energy prices, decarbonization, electrification and government regulations, the demand for higher-performing, higher energy-efficient equipment has accelerated.

從歷史上看，有兩個因素阻止了這種利基產品成為主流，第一個因素是價格。與市場定價相比，AAON 的設備歷來具有至少 15% 至 20% 的價格溢價。這將我們的潛在市場規模限制在特定應用和/或客戶範圍內。第二個因素是價值。直到最近，絕大多數最終用戶還沒有關注總擁有成本和優質、高性能的設備。然而，在過去 2 年中，市場開始發生對 AAON 有利的戲劇性轉變。隨著大流行病使人們更加關注室內空氣質量，與此同時，由於更高的能源價格、脫碳、電氣化和政府法規，市場更加關注能源效率，對更高性能、更高能效設備的需求加速了。

Meanwhile, the price premium of AAON equipment has narrowed significantly as government regulations related to the minimum energy efficiency standards have forced most of our competition to reengineer their equipment, causing them to use higher-quality, higher-priced components in their designs. AAON's full product portfolio has been in line with these new standards for years. This regulation did not affect us at all from a pricing perspective.

同時，由於與最低能效標準相關的政府法規迫使我們的大多數競爭對手重新設計他們的設備，導致他們在設計中使用質量更高、價格更高的組件，因此 AAON 設備的價格溢價已大幅收窄。 AAON 的完整產品組合多年來一直符合這些新標準。從定價的角度來看，這項規定對我們完全沒有影響。

As a result, the cost of manufacturing across our industry has gone up significantly more compared to our costs. This has resulted in substantially larger price increases of our competition compared to the price increases that we have initiated. The end result, our higher-quality product offering now sells at a much more competitive price, making the value proposition that much more attractive. On top of all that, we continue to maintain the lowest lead times in the industry with best on-time delivery rates. All in, these dynamics have paved the way for AAON to transition from a niche player to a mainstream player.

因此，與我們的成本相比，我們整個行業的製造成本上漲幅度要大得多。與我們發起的價格上漲相比，這導致我們的競爭對手的價格上漲幅度要大得多。最終結果是，我們提供的更高質量的產品現在以更具競爭力的價格出售，使價值主張更具吸引力。最重要的是，我們繼續保持業內最低的交貨時間和最佳的準時交貨率。總而言之，這些動態為 AAON 從小眾玩家轉變為主流玩家鋪平了道路。

I'll now hand the call over to Rebecca Thompson, to go over the financial results.

我現在將電話轉給麗貝卡湯普森，檢查財務結果。

Thank you, Matt. I'd like to begin by discussing the comparative results of the 3 months ended December 31, 2022 versus December 31, 2021.

謝謝你，馬特。我想首先討論截至 2022 年 12 月 31 日的三個月與截至 2021 年 12 月 31 日的三個月的比較結果。

Please turn to Slide 5. Net sales were up 86.8% to $254.6 million from $136.3 million. The largest driving factor to the growth was organic volume, which contributed 41%. Volume growth reflected the company's strong backlog and the fourth straight quarter of record production. Improved productivity, along with approximate 36.2% increase in total head count helped drive the increased production. In addition to volume, pricing contributed 26.7% and inorganic growth contributed 19.1%. Similar to the legacy business, BasX performed extremely well in the quarter. BasX realized record sales and EBITDA of any quarter in its history.

請轉到幻燈片 5。淨銷售額從 1.363 億美元增長 86.8% 至 2.546 億美元。增長的最大驅動因素是有機銷量，貢獻了 41%。銷量增長反映了該公司強勁的積壓訂單和連續第四個季度創紀錄的產量。生產力的提高以及總人數增加約 36.2% 有助於推動產量增加。除銷量外，定價貢獻了 26.7%，無機增長貢獻了 19.1%。與傳統業務類似，BasX 在本季度的表現非常出色。 BasX 實現了其歷史上任何一個季度的創紀錄銷售額和 EBITDA。

Moving to Slide 6. Our gross profit increased 195.9% to $78.5 million from $26.5 million. As a percentage of sales, gross profit margin was 30.8% compared to 19.5% in 2021. Gross profit margin benefited significantly from multiple price increases initiated throughout the year, reduced impacts from supply chain issues and production efficiency improvements across all of our manufacturing locations. The year-over-year improvement in gross profit margin was also partially attributed to the abnormally low gross profit margin realized in the year ago quarter, a result of supply chain issues at the end of 2021, which constrained production and resulted in unabsorbed fixed costs.

轉到幻燈片 6。我們的毛利潤從 2650 萬美元增長 195.9% 至 7850 萬美元。毛利率佔銷售額的百分比為 30.8%，而 2021 年為 19.5%。毛利率顯著受益於全年發起的多次提價、供應鏈問題的影響減少以及我們所有製造地點的生產效率提高。毛利率的同比改善也部分歸因於去年同期實現的毛利率異常低，這是由於 2021 年底的供應鏈問題導致生產受限並導致未吸收的固定成本.

Please turn to Slide 7. Selling, general and administrative expenses increased 51.3% to $31.9 million from $21.1 million in 2021. Adjusted SG&A expenses increased year-over-year at 85.9%. As a percentage of sales, adjusted SG&A decreased to 12.5% of total sales compared to 12.6% in the same period in 2021. In dollars, SG&A increased primarily due to our volume growth that created higher earnings, including higher profit sharing expenses, commissions and bonuses.

請轉到幻燈片 7。銷售、一般和管理費用從 2021 年的 2110 萬美元增長 51.3% 至 3190 萬美元。調整後的 SG&A 費用同比增長 85.9%。作為銷售額的百分比，調整後的 SG&A 下降到總銷售額的 12.5%，而 2021 年同期為 12.6%。以美元計算，SG&A 增加的主要原因是我們的銷量增長創造了更高的收益，包括更高的利潤分享費用、佣金和獎金。

Please turn to Slide 8. Adjusted income from operations grew 397.2% to $46.6 million from $9.4 million in the year-ago quarter. As a percent of sales, adjusted operating margin expanded to 18.3% from 6.9%. Adjusted operating margin was the highest of any quarter since 2020. That said, pre-pandemic, the company had achieved operating margins of over 20%. We foresee us fully returning to those levels and thus expect further improvement from what we achieved in the fourth quarter.

請轉到幻燈片 8。調整後的運營收入從去年同期的 940 萬美元增長 397.2% 至 4660 萬美元。作為銷售額的百分比，調整後的營業利潤率從 6.9% 擴大到 18.3%。調整後的營業利潤率是自 2020 年以來任何季度中最高的。也就是說，在大流行之前，該公司已經實現了超過 20% 的營業利潤率。我們預計我們將完全恢復到這些水平，因此預計我們在第四季度取得的成就會進一步改善。

Moving to Slide 9. Diluted earnings per share increased 545.5% to $0.71 per share from $0.11 per share. In the quarter, we benefited from a lower-than-normal tax rate due to increases in our expected R&D tax credits and 179D deduction. Even without this benefit in the fourth quarter, we still experienced growth when compared to our previous record earnings in the third quarter.

轉到幻燈片 9。稀釋後每股收益從每股 0.11 美元增長 545.5% 至每股 0.71 美元。在本季度，由於我們預期的研發稅收抵免和 179D 扣除額增加，我們受益於低於正常水平的稅率。即使在第四季度沒有這種收益，與我們之前在第三季度創紀錄的收益相比，我們仍然實現了增長。

Turning to Slide 10, you'll see that our balance sheet remains quite strong. Cash totaled $5.5 million at December 31, 2022, and debt was $71 million. Within the quarter, we paid down approximately $5.3 million on our line of credit, lowering our leverage ratio to 0.46 from 0.65 at the end of the third quarter and returning us to a similar leverage ratio we were at 1 year ago. The increase in debt from a year ago was primarily to finance investments in working capital. We had a working capital balance of $203.5 million at December 31, 2022, versus $131.3 million at December 31, 2021. The investment in working capital was made to help facilitate the robust volume growth while also helping mitigate supply chain issues.

轉到幻燈片 10，您會看到我們的資產負債表仍然非常強勁。截至 2022 年 12 月 31 日，現金總額為 550 萬美元，債務為 7100 萬美元。在本季度內，我們支付了大約 530 萬美元的信貸額度，將我們的槓桿率從第三季度末的 0.65 降至 0.46，並使我們恢復到 1 年前的類似槓桿率。與一年前相比，債務的增加主要是為了為營運資本投資提供資金。截至 2022 年 12 月 31 日，我們的營運資金餘額為 2.035 億美元，而 2021 年 12 月 31 日為 1.313 億美元。對營運資金的投資是為了幫助促進銷量的強勁增長，同時也有助於緩解供應鏈問題。

Capital expenditures for 2022 were $54 million, down 2.4% from a year ago. Capital investments were less than we expected at the beginning of the year, primarily due to us finding ways of increasing capacity within our current manufacturing square footage, allowing us to push out certain projects. Supply chain issues and other economic factors also delayed projects. We have not slowed our growth-related investments at all, and we are still on track with our capacity expansion plans relative to our needs. We continue to be aggressive with our investment planning to help facilitate the robust organic growth we anticipate over the next several years. In 2023, we anticipate capital expenditures to be $135 million.

2022 年的資本支出為 5400 萬美元，同比下降 2.4%。資本投資低於我們年初的預期，這主要是因為我們想方設法在當前的製造面積內增加產能，從而使我們能夠推出某些項目。供應鏈問題和其他經濟因素也推遲了項目。我們根本沒有放緩與增長相關的投資，而且我們仍在按照我們的需求制定產能擴張計劃。我們繼續積極制定投資計劃，以幫助促進我們預計在未來幾年內實現強勁的有機增長。 2023 年，我們預計資本支出為 1.35 億美元。

With that, I'll now turn the call back over to Matt.

有了這個，我現在將把電話轉回給馬特。

Thanks, Rebecca. I'll now turn to Slide 11. As I said in my opening remarks, we are very pleased with how we finished the calendar year. Our operations continue to perform well in Q4, and I continue to commend the team for their performance. All 3 of our locations are pushing more volume through their respective plants than we've ever seen before. Organic volume growth of 41% realized in the fourth quarter is pretty much unheard of in this industry and the comp was not easy.

謝謝，麗貝卡。我現在轉到幻燈片 11。正如我在開場白中所說的那樣，我們對我們完成日曆年的方式感到非常滿意。我們的運營在第四季度繼續表現良好，我繼續讚揚團隊的表現。我們所有 3 個地點都通過各自的工廠推動了比我們以前見過的更多的產量。第四季度實現了 41% 的有機銷量增長，這在這個行業中幾乎是聞所未聞的，而且競爭並不容易。

Volume in the fourth quarter of the year-ago period was up 4% from the fourth quarter in 2020. On a 2-year stack, volume was up 46%. This performance is a result of several factors. First, the head count was up 36.2% from a year ago and up 6% from the third quarter. We continue to do a great job with our onboarding of new employees and efficiently integrating them into our operations.

去年第四季度的銷量比 2020 年第四季度增長了 4%。在 2 年的堆棧中，銷量增長了 46%。這種性能是幾個因素的結果。首先，員工人數同比增長 36.2%，比第三季度增長 6%。我們繼續在新員工入職方面做得很好，並將他們有效地整合到我們的運營中。

Second, productivity continues to improve. Supply chain issues, while leaning a bit, still very much exist. Throughout the year, we learned to manage through supply chain constraints much better, leading to improved productivity. At the same time, we're ramping up head count at an aggressive rate, which can result in inefficiencies, if not handled appropriately. Despite the challenges, our metrics on productivity tell us that our operations are continuing to become even more efficient. The team has fully adapted to the environment and has mitigated most of the financial impact, particularly when it comes to supply chain issues. We should see productivity improve even more as supply chain issues abate.

二是生產率不斷提高。供應鏈問題雖然有所傾斜，但仍然存在。在這一年中，我們學會了更好地管理供應鏈約束，從而提高了生產力。與此同時，我們正在以激進的速度增加員工人數，如果處理不當，這可能會導致效率低下。儘管面臨挑戰，但我們的生產率指標告訴我們，我們的運營正在繼續變得更加高效。該團隊已完全適應環境並減輕了大部分財務影響，尤其是在涉及供應鏈問題時。隨著供應鏈問題的緩解，我們應該會看到生產力進一步提高。

Lastly, in addition to head count and productivity improvements, the volume growth was also a reflection of our premier sales channel and the backlog our partners have been able to generate for us.

最後，除了人數和生產力的提高外，銷量的增長也反映了我們主要的銷售渠道和我們的合作夥伴能夠為我們產生的積壓訂單。

I'd like to thank all of our channel partners as well as our internal sales support. Our sales channel has never been as strong as it is right now, and we're seeing it through the share gains that we've been realizing.

我要感謝我們所有的渠道合作夥伴以及我們的內部銷售支持。我們的銷售渠道從未像現在這樣強大，我們通過我們已經實現的份額增長看到了這一點。

Please turn to Slide 12. I want to discuss our pricing and gross margin. For a couple of quarters now, we have been saying the improving margin profile of the backlog had us on track to drive a recovery in gross profit margins. We realized some progress in the third quarter. And as we expected and indicated on our last call, we saw even more progress in the fourth quarter.

請轉到幻燈片 12。我想討論我們的定價和毛利率。幾個季度以來，我們一直在說積壓訂單的利潤率狀況有所改善，這使我們有望推動毛利率回升。我們在第三季度取得了一些進展。正如我們在上次電話會議上預期和指出的那樣，我們在第四季度看到了更多進展。

The 30.8% gross profit margin realized in the fourth quarter was up 380 basis points from third quarter and 810 basis points from the second quarter. On a year-over-year basis, gross profit margin improved 1,130 basis points. In the last 5 years, aside from the first quarter of 2020 when we realized gross profit margin of 31.2%, it was the strongest gross profit margin of any other quarter in history. We are certainly happy to see that. This improvement is largely related to a realignment of price versus cost.

四季度實現30.8%的毛利率，較三季度上升380個基點，較二季度上升810個基點。與去年同期相比，毛利率提高了 1,130 個基點。在過去的 5 年中，除了 2020 年第一季度我們實現了 31.2% 的毛利率外，這是歷史上任何其他季度的最高毛利率。我們當然很高興看到這一點。這種改進在很大程度上與價格與成本的重新調整有關。

Improved productivity is also a contributing factor. Historically, we have always managed our pricing through our cost structure while targeting a gross profit margin of about 30%. However, as I addressed at the top of the call, our industry has changed a lot over the last couple of years. Secular trends related to decarbonization, energy efficiency and new government regulations is causing the cost of manufacturing across the industry to increase much more drastically than it is for us, causing market pricing to increase more than our pricing. At the same time, our product offering is of much higher quality and offers a better total value proposition, justifying a premium price. We will continue to monitor our pricing to cost, and we are also beginning to manage pricing to market. In the end, we will be able to continue to improve our gross profit margin while maintaining a price premium that is smaller than it was a few years ago.

生產力的提高也是一個促成因素。從歷史上看，我們一直通過我們的成本結構來管理我們的定價，同時將目標毛利率定在 30% 左右。然而，正如我在電話會議開頭所說的那樣，我們的行業在過去幾年發生了很大變化。與脫碳、能源效率和新的政府法規相關的長期趨勢正在導致整個行業的製造成本比我們的製造成本增加得更多，導致市場定價的增加超過我們的定價。同時，我們提供的產品質量更高，提供更好的總價值主張，證明溢價是合理的。我們將繼續監控我們的成本定價，我們也開始管理市場定價。最終，我們將能夠繼續提高毛利率，同時保持比幾年前更小的價格溢價。

Moving to Slide 13. Overall, demand remained strong. Total backlog was up 110.6% from a year ago and up 6.5% from the end of third quarter. The fact that backlog continues to increase sequentially is a sign that demand remains strong, particularly because our production is also increasing. Organic bookings in the quarter were up year-over-year 45%. Sequentially, they were up 14%, which is mostly driven by volume. Even if you remove the price increases from orders and sales to look at it on an apples-to-apples basis, orders are still outpacing production.

轉到幻燈片 13。總體而言，需求依然強勁。總積壓訂單比去年同期增長 110.6%，比第三季度末增長 6.5%。積壓繼續增加的事實表明需求依然強勁，特別是因為我們的產量也在增加。本季度有機預訂量同比增長 45%。隨後，它們上漲了 14%，這主要是由成交量推動的。即使你從訂單和銷售中剔除價格上漲，以同類比較的方式來看待它，訂單仍然超過生產。

Demand is also very strong at BasX. Backlog of BasX was up 260.9% since the end of 2021. The pipeline of projects among the data center and semiconductor manufacturing end markets remain extensive, and the team there is doing a great job at winning orders. Likewise, the production came in BasX is doing an outstanding job of increasing capacity.

BasX 的需求也非常強勁。自2021年底以來，BasX的積壓訂單增加了260.9%。數據中心和半導體製造終端市場的項目管道仍然很廣泛，那裡的團隊在贏得訂單方面做得很好。同樣，BasX 的生產在提高產能方面做得非常出色。

Please turn to Slide 14. Demand continues to be a fairly broad-based as far as our end markets. Lodging and office buildings remain soft, but outside of that, most sectors in which we participate are still quite strong. Data centers and semiconductor markets are very strong, as I mentioned already. K through 12 education vertical is also solid. I think that actually strengthens in 2023 with the majority of the stimulus money in the CARES Act having still not been spent. Health care and manufacturing are also still very good. We continue to see robust demand in growth facility markets. And while new construction of warehouses seems to be slowing, the end market remains good for us due to retrofit work.

請轉到幻燈片 14。就我們的終端市場而言，需求仍然是一個相當廣泛的基礎。住宿和寫字樓仍然疲軟，但除此之外，我們參與的大多數行業仍然相當強勁。正如我已經提到的，數據中心和半導體市場非常強勁。從 K 到 12 的垂直教育也很紮實。我認為這種情況實際上會在 2023 年得到加強，因為 CARES 法案中的大部分刺激資金仍未用完。醫療保健和製造業也仍然很好。我們繼續看到增長設施市場的強勁需求。雖然新建倉庫似乎正在放緩，但由於改造工作，終端市場仍然對我們有利。

Overall, demand is solid across the board. While we continue to monitor for the slowdown that everyone is anticipating, we still do not see it. Sentiment among our channel partners remains very positive, and the macro data we track is still encouraging. Construction spending is back to pre-pandemic levels and construction starts are at the strongest level in years. The ABI and the Dodge Momentum Index, which tracks the pipeline of nonresidential projects early in the planning stages, have recently peaked, but it still implied the pipeline is still at historically high levels.

總體而言，需求全面穩定。雖然我們繼續監控每個人都在預期的放緩，但我們仍然沒有看到它。我們的渠道合作夥伴之間的情緒仍然非常積極，我們跟踪的宏觀數據仍然令人鼓舞。建築支出恢復到大流行前的水平，建築開工率達到多年來的最高水平。 ABI 和道奇動量指數在規劃階段早期跟踪非住宅項目的管道，最近已經達到頂峰，但它仍然暗示管道仍處於歷史高位。

Turning now to Slide 15. Our biggest challenge right now continues to be ramping up production fast enough. While we are happy to see backlog growing, we'd like to see it start to come down led by improving lead times. I think we'll start to see this happen in 2023, but it won't be until the second half of the year. The team is doing a great job with adding head count while improving productivity. That said, our orders continue to outpace production. We want to continue to provide our channel partners and customers with the best lead times in the industry. To do this, we're going to continue to invest in the business. We will continue to add head count and investment capacity for long-term growth.

現在轉到幻燈片 15。我們目前最大的挑戰仍然是足夠快地提高產量。雖然我們很高興看到積壓訂單增加，但我們希望看到它開始隨著交貨時間的縮短而減少。我認為我們會在 2023 年開始看到這種情況發生，但要到今年下半年才會發生。該團隊在增加員工人數和提高生產力方面做得很好。也就是說，我們的訂單繼續超過生產。我們希望繼續為我們的渠道合作夥伴和客戶提供業內最佳的交貨時間。為此，我們將繼續對該業務進行投資。我們將繼續增加員工人數和投資能力以實現長期增長。

Our CapEx for 2023, as Rebecca mentioned, is estimated to be to be a $135 million, which would be a 150% increase from last year. We feel strongly that we have the best product offering for the best value which is allowing us to accommodate the increasing demand caused by secular trends with decarbonization, energy efficiency, higher energy prices, indoor air quality and government regulations. We must continue to deliver at the very competitive lead times, so we will continue to invest in capacity.

正如 Rebecca 提到的，我們 2023 年的資本支出估計為 1.35 億美元，比去年增長 150%。我們強烈認為，我們提供最好的產品以提供最好的價值，這使我們能夠滿足脫碳、能源效率、更高的能源價格、室內空氣質量和政府法規等長期趨勢引起的日益增長的需求。我們必須繼續在極具競爭力的交貨時間內交付，因此我們將繼續投資於產能。

Moving to Slide 16. I want to touch briefly on our parts business. At 6% of total sales, parts still made up the small percentage in 2022. However, as we discussed in the past, this is an area of the company that we have been focusing on a lot, both internally and with our sales channel partners. In the fourth quarter, parts sales were up 23.1%, and in 2022, they were up 30.3%. Compared to 2020, parts sales were up 64.6% in 2022. While parts became a smaller part of the company last year, it was due to the robust growth of equipment sales as well as the acquisition of BasX. Overall though, it was a record year for parts.

轉到幻燈片 16。我想簡要談談我們的零件業務。零件佔總銷售額的 6%，到 2022 年仍佔很小的比例。但是，正如我們過去所討論的那樣，這是我們在內部和我們的銷售渠道合作夥伴中一直非常關注的公司領域.第四季度，零部件銷售額增長 23.1%，2022 年增長 30.3%。與 2020 年相比，2022 年零部件銷售額增長了 64.6%。雖然零部件在去年成為公司較小的一部分，但這是由於設備銷售的強勁增長以及對 BasX 的收購。但總的來說，這是零件創紀錄的一年。

It have been even better. In 2022, the parts business, arguably, was the most effective part of the company on supply chain issues. While parts was not as affected on a profit margin basis, it was on a sales volume basis. Our parts business leverages the company's buying power of components and parts that go into the equipment we manufacture. Supply chain shortages limited this buying power in 2022 which, in the end, adversely affected parts sales the most because deliverability of the equipment takes precedence over parts sales. Thus, despite the success we had, it could have been even better. As our supply chain normalizes, however, our parts business will reaccelerate. We expect to see this occur over the course of 2023. Longer term, with what we're doing to structurally build out this part of the company, the fundamentals are very strong.

它甚至更好。在 2022 年，零部件業務可以說是公司在供應鏈問題上最有效的部分。雖然零件在利潤率的基礎上沒有受到太大影響，但它是在銷量的基礎上。我們的零件業務利用了公司對我們製造的設備中的零部件的購買力。供應鏈短缺在 2022 年限制了這種購買力，這最終對零部件銷售產生了最大的不利影響，因為設備的交付能力優先於零部件銷售。因此，儘管我們取得了成功，但它本可以做得更好。然而，隨著我們的供應鏈正常化，我們的零部件業務將重新加速。我們預計這種情況會在 2023 年期間發生。從長遠來看，隨著我們正在做的在結構上構建公司這一部分的工作，基本面非常強勁。

Furthermore, the parts business is somewhat like a razor-razorblade type of business. With all the new AAON equipment entering the field last year and this year, parts will start to benefit from maintenance demand in just a couple of years. I'll remind you that parts gross profit margin is significantly higher than the company's average gross profit margin. We anticipate this business will become a larger part of the company, both on a sales and profitability basis. As such, we are happy to see where this business is positioned, and we expect it will continue to be a big priority within our growth strategy.

此外，零部件業務有點像剃須刀片業務。隨著去年和今年所有新的 AAON 設備投入使用，零件將在短短幾年內開始受益於維護需求。提示一下，零部件毛利率明顯高於公司平均毛利率。我們預計這項業務將成為公司的更大一部分，無論是在銷售額還是盈利能力的基礎上。因此，我們很高興看到這項業務的定位，我們預計它將繼續成為我們增長戰略中的重中之重。

Please turn to Slide 17. Before finishing up and handing off the call for Q&A, I want to provide some information on our outlook for 2023. Based on the size of our backlog; the margin profile of the backlog, which continues to improve; increasing production capacity and productivity; and strong order trends, we anticipate another record year of sales and earnings.

請轉到幻燈片 17。在結束並移交問答環節之前，我想提供一些有關我們 2023 年展望的信息。根據我們積壓的工作量；積壓訂單的利潤率持續改善；提高生產能力和生產力；和強勁的訂單趨勢，我們預計今年的銷售額和收益將再創新高。

For your modeling purposes, here's some additional information that should help. Pricing will be a low double-digit contributor to sales growth. For gross profit margin, we will build off where we finished in the fourth quarter. It may not be a straight line, especially given some temporary expenses that we would see in the first quarter, but gross profit margins will continue to improve in 2023. For SG&A, you should be aware that we're making several investments that will help position the company better for long-term growth. This will limit the operating leverage you will normally see within SG&A. We think SG&A as a percent of sales will be slightly higher than we realized in 2022. And finally, CapEx will be approximately $135 million.

為了您的建模目的，這裡有一些應該有所幫助的附加信息。定價將是銷售增長的低兩位數貢獻者。對於毛利率，我們將建立在第四季度完成的基礎上。這可能不是一條直線，特別是考慮到我們將在第一季度看到的一些臨時費用，但毛利率將在 2023 年繼續提高。對於 SG&A，您應該知道我們正在進行多項投資，這將有助於更好地定位公司以實現長期增長。這將限制您通常在 SG&A 中看到的運營槓桿。我們認為 SG&A 佔銷售額的百分比將略高於我們在 2022 年實現的目標。最後，資本支出約為 1.35 億美元。

In closing, I want to finish by thanking all of our employees, sales channel partners and customers. I also want to announce that we'll be hosting an Investor Day on May 17 and 18 at our headquarters in Tulsa, Oklahoma. You can find more details on this event on our website. We will also be attending Sidoti & Company's Small Cap Conference on March 22, and Wells Fargo's Industrial Conference on June 13. I hope to see some of you at these events. Thank you.

最後，我想感謝我們所有的員工、銷售渠道合作夥伴和客戶。我還想宣布，我們將於 5 月 17 日至 18 日在我們位於俄克拉荷馬州塔爾薩的總部舉辦投資者日活動。您可以在我們的網站上找到有關此活動的更多詳細信息。我們還將參加 3 月 22 日的 Sidoti & Company 小型股會議和 6 月 13 日的 Wells Fargo 工業會議。我希望能在這些活動中見到你們中的一些人。謝謝。

And I will now open the call for Q&A.

我現在將打開問答電話。

(Operator Instructions) Our first question today will come from Julio Romero with Sidoti & Company.

（操作員說明）我們今天的第一個問題將來自 Sidoti & Company 的 Julio Romero。

Maybe to start on the quarter, if you could just talk about what product lines drove the 41% volume growth you realized in the fourth quarter.

也許從本季度開始，如果你能談談是什麼產品線推動了你在第四季度實現的 41% 的銷量增長。

The overall growth in the fourth quarter was across the board. It was not isolated to one specific product or product line. We've seen consistent growth throughout all of our production facilities and across all of our production lines.

第四季度的整體增長是全面的。它不是孤立於一種特定的產品或產品線。我們已經看到我們所有生產設施和所有生產線的持續增長。

Okay. Got it. And thinking about price, I love the slide deck and love the guide. Does the pricing guide of low double digits for 2023 assume the monthly 1% price increase kind of continues through the entire year or all the way through December of '23?

好的。知道了。考慮到價格，我喜歡幻燈片和指南。 2023 年低兩位數的定價指南是否假設每月 1% 的價格上漲會持續一整年或一直持續到 23 年 12 月？

Well, I know someone was going to ask that question, Julio. So right now, so we have been continuing the 1% a month price increases. We have not determined yet if we're going to stop those price increases. This is something that we've been looking at on a continuous basis. As Matt spoke to in his presentation, a lot has changed in the industry that caused us to begin managing our pricing to market, so we do still have the 1% a month in place. And right now, we've made no decisions to stop those increases.

嗯，我知道有人會問這個問題，胡里奧。所以現在，我們一直在繼續每月 1% 的價格上漲。我們還沒有決定是否要停止這些價格上漲。這是我們一直在持續關注的事情。正如馬特在他的演講中所說的那樣，行業發生了很多變化，導致我們開始管理我們的市場定價，所以我們仍然有每月 1% 的費用。現在，我們還沒有做出停止這些增長的決定。

All that being said, we do expect to see improvement in 2023 in our gross margin, although it may not necessarily be linear. As we previously mentioned in our prior calls, we're using some of this pricing to benefit our employees. So some of these benefits are expected to have a onetime impact in our first quarter. So you should expect to see a stronger half of the year when it comes to the gross margin. And we're just constantly reevaluating, rather than managing to our traditional guardrails of 28% to 32%, of looking more at managing to the market and how to evaluate our gross margin. So at this time, that's where I'll leave you.

儘管如此，我們確實預計 2023 年我們的毛利率會有所改善，儘管它可能不一定是線性的。正如我們之前在之前的電話中提到的那樣，我們正在使用其中的一些定價來讓我們的員工受益。因此，其中一些好處預計將在我們的第一季度產生一次性影響。因此，就毛利率而言，您應該期望看到今年下半年表現更好。我們只是不斷地重新評估，而不是管理我們傳統的 28% 到 32% 的護欄，更多地關注市場管理以及如何評估我們的毛利率。所以這個時候，那就是我離開你的地方。

No, I appreciate the color, and that does make sense. I guess maybe just on the expected gross margin. I think, Matt, you might have mentioned, in the first quarter, you expect some temporary expenses that might affect the first quarter's margin. I don't know if you can elaborate on that at all.

不，我喜歡這種顏色，這確實有道理。我想也許只是在預期的毛利率上。我想，馬特，你可能已經提到，在第一季度，你預計會有一些臨時支出可能會影響第一季度的利潤率。我不知道你是否可以詳細說明這一點。

Just a variety of onetime expenses as we put in place some new employee programs and better position the company to provide the employee experience that we expect. There are some onetime costs and adjustments that was made in the first quarter that's kind of driving some of that constraint on the overall margin in that quarter.

當我們實施一些新員工計劃並更好地定位公司以提供我們期望的員工體驗時，只是各種一次性費用。第一季度進行了一些一次性成本和調整，這在一定程度上限制了該季度的整體利潤率。

And our next question will come from Brent Thielman with D.A. Davidson.

我們的下一個問題將來自 D.A. 的 Brent Thielman。戴維森。

Well, this is Jean Ramirez for Brent. For my first question, regarding supply chain constraints, could you talk about the state of sourcing parts and materials and how AAON is positioning itself to fulfill the backlog orders?

嗯，這是布倫特的讓·拉米雷斯。關於我的第一個問題，關於供應鏈的限制，您能否談談零部件和材料採購的狀況以及 AAON 如何定位自己以完成積壓訂單？

Certainly. So I don't know if you've noticed, we have increased our inventory quite a bit. We said a few quarters ago that we've been trying to maintain an inventory level of about 20% of our sales. So outside of that, we also will take advantage of opportunistic buys when we're able to. So when we see a chance to buy certain quantities of steel or metals or component parts at a good price, we'll lock those in and purchase those to maintain a higher level of inventory than maybe we normally would just to benefit from that price reduction.

當然。所以我不知道你是否注意到，我們的庫存增加了不少。我們在幾個季度前說過，我們一直在努力將庫存水平維持在銷售額的 20% 左右。因此，除此之外，我們還將在可能的情況下利用機會主義購買。因此，當我們看到有機會以優惠的價格購買一定數量的鋼鐵或金屬或零部件時，我們將鎖定併購買這些產品以維持比正常情況下可能僅從降價中受益的庫存水平更高的庫存.

We also were keeping the larger quantity on hand that helps make sure production can continue seamlessly without interruption. But I would say supply chain and parts shortages is still a daily challenge for the team. They're constantly having to find new vendors, find alternate parts, alternative sourcing, redesign products. It's just a part of our everyday life now and how we operate the business.

我們還保留了更多的手頭數量，這有助於確保生產能夠無縫地繼續而不會中斷。但我想說供應鍊和零件短缺仍然是團隊每天面臨的挑戰。他們不得不不斷地尋找新的供應商、尋找替代零件、替代採購、重新設計產品。這只是我們現在日常生活的一部分，也是我們經營業務的方式。

Just adding a little more context as well. The from a parts perspective, as Rebecca mentioned, there's continuing maintenance that goes on from a product engineering and manufacturing perspective as we kind of see these constraints coming ahead of us. The team is extremely nimble and continues to be extremely nimble in assessing the impacts of potential shortages and proactively basically looking at the equipment design and configurations and alternate sourcing options and is in a continuous mode of basically redesign and modification to essentially address some of the supply chain constraints that we're experiencing.

只需添加更多上下文即可。正如 Rebecca 提到的，從零件的角度來看，從產品工程和製造的角度來看，我們會看到這些限制在我們面前出現，因此需要持續進行維護。該團隊非常靈活，並將繼續非常靈活地評估潛在短缺的影響，並積極主動地基本查看設備設計和配置以及替代採購選項，並且處於基本重新設計和修改的連續模式中，以從根本上解決一些供應問題我們正在經歷的鏈約束。

We also are very positively impacted by the fact that we are, as an organization, heavily integrated from a vertical perspective. And so items such as the manufacturing of coil is a big example, but extending that further, the production of fans and fan assemblies is a huge differentiator for us in the marketplace. And so as we look at motor constraints, motor technology constraints, electronic component constraints that are impacting a lot of our other competition, our team has been very good at assessing alternate technologies or basically looking at alternate vendors, coupled with the fact that we are manufacturing fans, as an example, to really mitigate the overall impact in our deliverability and costing.

作為一個組織，我們從垂直角度高度整合，這一事實也對我們產生了非常積極的影響。因此，線圈製造等項目就是一個很好的例子，但進一步擴展，風扇和風扇組件的生產對我們在市場上來說是一個巨大的差異化因素。因此，當我們審視電機限制、電機技術限制、電子元件限制影響我們的許多其他競爭時，我們的團隊一直非常擅長評估替代技術或基本上尋找替代供應商，再加上我們正在以製造風扇為例，以真正減輕對我們的交付能力和成本核算的整體影響。

And just regarding your 2023 model assumptions of gross profit margin, could you perhaps like talk about what leads us to improvement from Q4 '22 and circling back to can you sustain this 28% to 32% gross margins through 2023?

就您的 2023 年毛利率模型假設而言，您能否談談是什麼導致我們從 22 年第四季度開始有所改善，然後回過頭來，您能否在 2023 年之前維持 28% 至 32% 的毛利率？

Yes, so we finished off Q4 just in the 30% range. But as we look at the backlog and the strength of the backlog from a gross profit margin perspective, we have an understanding of kind of the improving gross profit profile that exists inside of there. Coupling that with the, I'll say, production and volatility in the supply chain side of things, obviously, not absolute reduction in volatility, but certainly waiting a bit, is providing some higher confidence as we continue monitoring overall cost inputs.

是的，所以我們在 30% 的範圍內結束了第四季度。但是當我們從毛利率的角度來看積壓和積壓的強度時，我們了解其中存在的毛利潤狀況有所改善。再加上，我要說的是，供應鏈方面的生產和波動性，顯然不是波動性的絕對減少，但肯定會稍等片刻，這會在我們繼續監測總體成本投入時提供更高的信心。

With the continuing 1% price increases that Rebecca mentioned earlier, we have the ability to absorb some of the additional inflationary pressures without impacting margin on a high level. So as we go forward, we see from a modeling perspective and from kind of the strength of our backlog and the inputs that we have a solid understanding of, that we'll continue to see some increase in overall margin as we progress throughout the year.

隨著 Rebecca 之前提到的持續 1% 的價格上漲，我們有能力在不影響高水平利潤率的情況下吸收一些額外的通脹壓力。因此，在我們前進的過程中，我們從建模的角度以及我們積壓的實力和我們對輸入的深入了解中看到，隨著我們全年的進步，我們將繼續看到整體利潤率有所增長.

And our next question will come from Chris Moore with CJS Securities.

我們的下一個問題將來自 CJS 證券公司的 Chris Moore。

So yes, maybe back to the guide for a second. Obviously, volume was very strong, especially the second half of the year. Any thoughts in terms of volume growth for '23 with those comps in mind kind of a range?

所以是的，也許回到指南一秒鐘。顯然，成交量非常強勁，尤其是下半年。對於'23'的銷量增長有沒有考慮到這些comps的範圍？

Chris, this is Joe. So we're not giving volume guidance at this point in time. We gave you the price contribution to help you sort of narrow price out of the equation and then where our backlog is and the trend of where volumes are, and you can sort of put 2 and 2 together. But at this point in time, we're not providing volume guidance.

克里斯，這是喬。因此，我們此時不提供數量指導。我們為您提供了價格貢獻，以幫助您從等式中縮小價格，然後是我們的積壓訂單和數量趨勢，您可以將 2 和 2 放在一起。但此時，我們不提供數量指導。

Okay. And anything else that you could say on that front just in terms of maybe puts and takes? Because I'm just not sure where to head at this moment, why low single digit wouldn't make sense, just any other color there that you might be able to provide.

好的。在這方面你還有什麼可以說的嗎？因為我現在不確定去哪裡，為什麼低個位數沒有意義，只是您可能能夠提供的任何其他顏色。

Well, what I would say is that the backlog is very strong. The order trends have trended very positively as we have entered 2023. So the first half of the year is positioned really good. As you get into the second quarter, the comps start to get very tough. And certainly, when you get into the back half of the year, the comps become much tougher. So you should see substantial volume growth early in the year just based on the comps and the strength in the backlog, and then the back half of the year should slow. We're not going to give actual guidance on it, but hopefully, that helps.

好吧，我要說的是積壓非常多。隨著我們進入 2023 年，訂單趨勢非常積極。因此今年上半年的定位非常好。當你進入第二節時，比賽開始變得非常艱難。當然，當你進入下半年時，比賽會變得更加艱難。因此，您應該會在今年年初看到基於競爭和積壓實力的大幅銷量增長，然後今年下半年應該會放緩。我們不會對此提供實際指導，但希望這會有所幫助。

That's helpful. I appreciate that. The $16.2 million data center contract that you guys have been talking about for a while, is that something that has started to ship at this point in time? Is that something that happens in Q1?

這很有幫助。我很感激。你們討論了一段時間的 1620 萬美元數據中心合同，現在已經開始發貨了嗎？這是第一季度發生的事情嗎？

Yes, that project is in production. Its overall shipping schedule and basically having the product out the door is basically imminent. So as we continue producing that product throughout the year, it will have an impact on basically first half of the calendar year.

是的，該項目正在生產中。它的整體運輸時間表和基本上將產品推出市場基本上迫在眉睫。因此，隨著我們全年繼續生產該產品，它基本上會對日曆年的上半年產生影響。

Got it. And I guess most importantly from that is there's kind of a theme that you've talked about in terms of these bigger orders likely coming. Is that still something that you have some visibility on?

知道了。我想最重要的是，您已經談到了可能會出現的這些更大訂單的主題。這仍然是你有一些知名度的東西嗎？

Yes. So from an opportunity perspective and visibility perspective, the ability to leverage the Longview facility for BasX data center product remains extremely strong. And as you indicated, the overall sale of those projects continue to be of a highly attractive scale.

是的。因此，從機會和可見性的角度來看，利用 Longview 設施開發 BasX 數據中心產品的能力仍然非常強大。正如您所指出的，這些項目的整體銷售規模仍然極具吸引力。

I just wanted to add one other thing regarding that $16 million order that you're referring to. Like Matt said, it is on schedule, to some extent. However, it has gotten pushed a little bit. So it will end up hitting some partially in the second half of the year as well. I just don't want you to fully sort of think about modeling that fully shipped by the end of the second quarter.

關於您提到的 1600 萬美元訂單，我只想補充一件事。正如馬特所說，在某種程度上，它是按計劃進行的。然而，它被推了一點。因此，它最終也會在今年下半年部分受到影響。我只是不希望您完全考慮在第二季度末完全交付的模型。

And your next question will come from Jon Braatz with Kansas City Capital.

你的下一個問題將來自堪薩斯城資本的 Jon Braatz。

Matt, sort of a strategic question. You talked about the pricing within the industry and your premium narrowing a little bit. How do you think about, as things continue, to maybe returning to more of a premium price product and maybe giving up some volume? How do you think strategically about going back to a higher premium price given what we're seeing in the industry at this time?

馬特，這是一個戰略問題。你談到了行業內的定價和你的保費收窄了一點。隨著事情的繼續，你如何看待可能回歸更多的高價產品並可能放棄一些銷量？鑑於我們目前在行業中看到的情況，您如何從戰略上考慮回到更高的溢價？

Yes. Sure. As we indicated on the call, so we're certainly evaluating pricing from a market-based pricing perspective and with that, obviously, continuing to focus on the value proposition that AAON provides. So we certainly expect there to be a continued value, basically additional value, provided by AAON product, and we'll price that accordingly.

是的。當然。正如我們在電話會議上指出的那樣，我們當然是從基於市場的定價角度評估定價，顯然，我們將繼續關注 AAON 提供的價值主張。所以我們當然希望 AAON 產品提供持續的價值，基本上是附加價值，我們會相應地定價。

As we move forward, we certainly want to understand -- and really where we've always been successful is in the organization is selling the overall value of the product beyond just first cost. And so the AAON product, even given the pricing dynamics of the market, the AAON product continues to provide a superior overall total value to our end user, and we will continue to market and price accordingly for that consideration.

在我們前進的過程中，我們當然想了解——實際上，我們在組織中一直取得成功的地方在於銷售產品的整體價值，而不僅僅是最初的成本。因此 AAON 產品，即使考慮到市場的定價動態，AAON 產品繼續為我們的最終用戶提供卓越的整體總價值，我們將繼續根據這一考慮進行營銷和定價。

So would you characterize it as maybe being there is some upside potential to pricing based on market dynamics?

那麼，您是否會將其描述為基於市場動態的定價可能存在一些上行潛力？

There certainly is the opportunity for some upside in the overall pricing as we look at how AAON's product is positioned in the marketplace.

當我們審視 AAON 的產品在市場中的定位時，整體定價肯定有一些上漲的機會。

Okay. All right. Rebecca, a second question, capital spending is pretty heavy this year, $135 million. I take it there may be some timing differences between cash flow and so on that you might have to go to the bank and borrow some money and your debt balances may move up and down a little bit from the current levels?

好的。好的。麗貝卡，第二個問題，今年的資本支出相當大，為 1.35 億美元。我認為現金流之間可能存在一些時間差異等等，你可能不得不去銀行借一些錢，你的債務餘額可能會在當前水平上下浮動一點點？

Yes. Certainly. So we do expect to see our operating cash flows resume their normal level. I can say our CapEx spend is heavily weighted to the first half of the year. So we do have some negative free cash flow in Q1. But after Q1, we kind of start to see our free cash flow get back to its more normal level and about the 70% to 75% earnings free cash flow ratio by the second half of the year. And so I mean we don't anticipate needing to get any additional like liquidity under our credit agreement. In fact, we somewhat anticipate it could be paid off by the end of the year.

是的。當然。因此，我們確實希望看到我們的經營現金流恢復到正常水平。我可以說我們的資本支出在今年上半年佔很大比重。所以我們在第一季度確實有一些負的自由現金流。但在第一季度之後，我們開始看到我們的自由現金流恢復到更正常的水平，到今年下半年大約 70% 到 75% 的收益自由現金流比率。所以我的意思是我們預計不需要根據我們的信貸協議獲得任何額外的流動性。事實上，我們有點預計它可以在今年年底前還清。

(Operator Instructions) And we'll take a follow-up question from Julio Romero with Sidoti & Company.

（操作員說明）我們將向 Julio Romero 和 Sidoti & Company 提出後續問題。

I assume you realized all of the March increase by now. Where did you guys exit December in terms of realizing the monthly price increases?

我假設您現在已經意識到 3 月份的所有增長。就實現月度價格上漲而言，你們在 12 月從哪裡退出？

Well, so Julio, I think this will answer your question. I have in front of me our January backlog. So like, at the end of January, we have less than 1% of the backlog that's March or January price increase. So everything now that's pretty much left in our backlog is the various 1% price increases that will be flowing out over the next year.

那麼 Julio，我想這會回答你的問題。我面前有我們一月份的積壓工作。就像，在 1 月底，我們只有不到 1% 的積壓訂單，即 3 月或 1 月的價格上漲。所以現在我們積壓的幾乎所有東西都是明年將流出的各種 1% 的價格上漲。

(Operator Instructions) It appears there are no further questions at this time. Mr. Mondillo, I'll turn the call back to you for any closing remarks.

（操作員說明）目前似乎沒有其他問題。 Mondillo 先生，我會將電話轉回給您，讓您發表任何結束語。

All right. I'd like to thank everyone for joining us on today's call. If anyone has any other questions over the coming days and weeks, please feel free to reach out to myself.

好的。我要感謝大家參加今天的電話會議。如果有人在接下來的幾天和幾週內有任何其他問題，請隨時與我聯繫。

As Matt mentioned at the closing of his remarks, we have Investor Day on May 17 and 18. We're attending the Sidoti conference on March 22. And we'll be at the Wells Fargo conference later on June 13. So hope to see you at those events. And again, if you have any other questions over the next few days, feel free to reach out. Thanks, and have a great day.

正如馬特在他的發言結束時提到的，我們將在 5 月 17 日和 18 日舉行投資者日。我們將參加 3 月 22 日的 Sidoti 會議。我們將參加 6 月 13 日晚些時候的富國銀行會議。所以希望看到你在那些活動中。再說一次，如果您在接下來的幾天內有任何其他問題，請隨時與我們聯繫。謝謝，祝你有美好的一天。

This concludes today's conference call. Thank you for attending. Goodbye.

今天的電話會議到此結束。感謝您的出席。再見。